The global debt situation is raising alarms for the International Monetary Fund, which on Wednesday said “off-the-charts” trade uncertainty was exacerbating a global debt load that it estimates crossed the $100 trillion level in 2024.

The International Monetary Fund warned that global public borrowing will likely surge this year as trade tensions triggered by the US lead to slower economic growth and more volatility on financial markets.

Economic pressures from steep new U.S. tariffs will push global public debt above pandemic-era levels to nearly 100% of global GDP by the end of the decade as slower growth and trade strain government budgets,